There is no denying the fact that Amazon is growing in popularity, especially among millenials. The massive $700 billion dollar company already has multiple forms of offering products and entertainment, from Amazon prime memberships to the Amazon stick. Now, the company is in the process of diversifying even further by talking to large banks in order to set up Amazon checking accounts.

Amazon is currently talking to banks such as JP Morgan, Chase & Co and Capital One Financial Corp. about creating a checking-account-like product that Amazon could offer its customers. It is still too early to determine what the hybrid-type checking account would entail. Questions yet to be answers include whether it would give customers the ability to write checks, directly pay bills, or give access to a nationwide ATM network.

Some people are concerned with Amazon’s expansion and feel that it would be competition to America’s banks. After all, the company’s net worth is more than JP Morgan and Bank of America Corp, two of America’s largest banks, combined. However, any move by Amazon to start its own banking arm would subject it to capital rules and other regulations.

“We think [Amazon’s] aim with expanding its financial offering is less about disrupting the financials sector and more about increasing engagement on its own marketplace,” the Bank of America analyst Justin Post said in a note to clients.

Some believe this expansion is probably to compete for some of Walmart’s customers. Many of Walmart’s clientele are people who are unbanked – those who do not have a checking account, savings account, or any credit cards. This population of unbanked shoppers is around 15.6 million people – a market that Amazon wants to reach. In 2016, Walmart generated $13 billion from customers using SNAP benefits (also known as food stamps). Amazon is targeting this population by offering discounted Prime membership to those with EBT or medicaid cards. They are also testing a program of offering SNAP benefits to online shoppers.

Amazon is adapting to and succeeding in a constantly evolving business world in order to reach as much of the population as possible.